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Insurance

Bank of India with its Insurance partner Star Union Dai-ichi provides diversified kinds of Insurance at specially reduced rates to its customers.

Customers are requested to note that participation by them in insurance products is purely on a voluntary basis.

Commission for Insurance
As per RBI circular: RBI/2009-10/225 dated November 16, 2009, following are the details of the comparative commission earned by Bank from Insurance whose products are being distributed:

Commission, Brokerage and trail from Insurance (Life)

Category

First Year Commission

Renewal commission from 2nd year onward (If applicable)

Min

Max

Min

Max

Protection

20%

35%

5%

7.50%

Saving & Investment Premium

2%

37.50%

2%

7.50%

Annuity

2%

2%

NA

NA

Group Product*

2%

2%

NA

NA

Note: The commission varies depending upon the Product in each category, tenure, amount of premium and premium paying term

*For Group Products commission payable is 2% of the premium with a ceiling on the maximum payout as defined by Insurance Regulatory and Development Authority (IRDA) from time to time.